Do you know that owning two pan cards can lead to legal action against the card holder? Permanent Account Number (PAN) is a must and used for various purposes like making transactions, opening a bank account, credit facilities, loans and even proof of ID. The main purpose of the PAN card is for tax purposes. An individual can easily file for the Income-tax with the use of PAN number. This is a 10 digit alpha-numeric and issued to everyone who can be minor, company or body corporate. For more detail on the use of PAN card and legal charges against any fraud related to PAN, an individual can take the help from Alankit.
Alankit fraud awareness effort is amazing and emphasis on educating people on how to make the best use of the PAN card and what are the frauds related to it. PAN card is also mandatory to link with your Aadhaar card. This is necessary to keep the track of bank accounts, taxes and other details that are necessary. Do you know what is duplicate or multiple PAN cards? As per the Income Tax Act, no individual should apply, possess or obtain more than one permanent account number under the series.
Having two PAN cards with the same number is not illegal, but if a person has two PAN cards with a different number, then it is an offence and eligible for legal action. All you need is to know the circumstances and instances where an individual cannot apply or process multiple PAN. This includes multiple applications by one individual, change in PAN details or intent to hold the two PAN cards. All such instances are not legal and are an offence as per the law that can also lead to a fine. If an individual is found guilty, this can lead tone or penalty of Rs. 10,000. Thus, surrender the duplicate PAN card.
